DMT and THL up by double digits

Amid collapsing market conditions, StakeLayer is up over 250% with Thala and Dream Machine Token up by double digits.

The value of the crypto market has fallen by over 1.5% in the last 24 hours. According to CoinMarketCap data, it currently stands at $2.17 trillion.

Bitcoin (BTC), along with Ethereum (ETH), is losing blood in single digits. However, the Stakelayer token increased by over 250% in the same period.

Stakelayer’s market cap targets $50 million at pump

Data from CoinGecko reveals interesting price movements for the token of the cross-chain staking and re-staking platform. The token rose from a 24-hour low of $0.00344 to $0.001489.

Chart from CoinGecko

However, the rally has slowed down as the token is trading at $0.01299 at the time of writing. StakeLayer also hit an all-time high today and is down over 27% from that peak.

The token also took its place as the highest-earning token on CoinGecko in the last 24 hours. Looking at X accounts, it appears the team has announced a buyback and burn initiative; This could also be a reason for the price increase.

🚨 Announcing the Start of the Buyback and Burn Initiative and $STAKELAYER soaring over +350% in just 24 hours! 📈

At StakeLayer, we are committed to creating long-term value and stability.

Stay tuned as we continue to realize our vision and strengthen the ecosystem! 💪🌐 pic.twitter.com/Xb3QqlrayT

— StakeLayer (@StakeLayerIO) 13 October 2024

Thala and Dream Machine Token rose by double digits

Interestingly, during the same time period, Thala (THL) and Dream Machine Token (DMT) experienced double-digit increases. According to CoinGecko data, THL price increased by over 18.5%, while DMT increased by 20%.

Although the exact reason for the increase in DMT price is not clear, the price increase in THL can be attributed to the price increase of Aptos (APT). Thala Labs is an ecosystem protocol that helps borrow, lend, trade, stake and verify APT.

Chart from CoinGecko

The recent increase in APT’s price from a weekly low of $7.87 to a high of $10.27 was likely the main catalyst for the increase in its price. THL has increased by over 71% in the last 30 days.

The token also showed a decent increase last week, with its price rising from $0.4228 to a high of $0.6354.